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Pepe (PEPE) price has been able to recover slightly, following a bearish signal last hour after the support got established at the intraday low of $0.000008633. Bulls seemed to have taken control of the market by pressing PEPE to an intraday high of $0.000009802, though not before facing stiff resistance.
At press time, PEPE was trading at $0.000009802, representing a 4.61% surge from the intraday low. However, the price of PEPE has just picked up in the recent past, showing some possibility of a trend reversal from bearish to bullish. Previously, it was just a consolidation or a slight decline in the price.
During the same period, the trading volume also swelled considerably, at 60.03% on the last 24 hours, further consolidating and maintaining the current uptrend in its price. Besides, its market capitalization has increased by 6.92%, showing more investors' interest in PEPE.
The previous consolidation area around $0.00000900 is turning to the support area, marking a level of price stabilization before the ongoing upmove. This level may see some activity if a pullback occurs, as buyers will try to hold the price to proceed further.
A recent high at $0.00000974 might work as a short-term resistance level. On the upside, if the price breaks and sustains above this level, it could head towards the next psychological level of around $0.00001000.
If it fails to break such resistance, then the price may go into consolidation or a slight retracement.
On-chain analytics have revealed that PEPE's largest holders have offloaded a substantial amount of their holdings over the last 30 days. It was only addresses holding between $100,000 and $10 million in tokens that reduced by double digits; this is significant selling.
This suggests that while small investors might now be feeling a little more confident, bigger holders are hedging their bets.
Even though the market is generally bullish at the moment—because the Spot Ethereum (ETH) ETF is about to launch—PEPE's biggest holders don't seem to think this could last for long. Their sales mean that the market is divergent, where smaller investors are buying and the larger ones are selling.
The PEPE/USD shows a previous downtrend marked by the gradation of lower levels of price. Nevertheless, a reversal bullish indicator of double bottoms has formed at the points that are marked "Bottom 1" and "Bottom 2." Since the price has moved upwards after this pattern has been formed, breaking the neckline that shows the double bottom pattern, which generally confirms that it is a reversal from bearish to a bullish trend.
Support levels include the previous resistance-turned support around the neckline of the double bottom pattern at about $0.00000900 and further down, more substantive support at about $0.00000800.
We have resistance levels at the near-term target of about $0.00001000 and possibly higher, depending on further price action. MACD lines are tending with a positive slope—i.e., the line is above the signal line—further justifying a situation for bullish momentum. The Relative Strength Index (RSI) is at about 56, showing that there is a lot of space for the value to move further towards the top before being too overbought.
